Avrobio Stock Jumps On Sale Of Gene Therapy Program To Novartis
Portfolio Pulse from Ryan Gustafson
Avrobio has agreed to sell its investigational hematopoietic stem cell (HSC) gene therapy program for cystinosis treatment to Novartis for $87.5 million in cash. Avrobio will retain full rights to its portfolio of HSC gene therapies for other diseases.
May 22, 2023 | 7:58 pm
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POSITIVE IMPACT
Avrobio's stock price jumps after selling its HSC gene therapy program for cystinosis treatment to Novartis for $87.5 million.
The sale of Avrobio's gene therapy program to Novartis for $87.5 million is a significant cash infusion for the company, which will extend its cash runway and allow it to focus on its other HSC gene therapies. This positive news is likely to drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Novartis acquires Avrobio's HSC gene therapy program for cystinosis treatment for $87.5 million, expanding its gene therapy portfolio.
The acquisition of Avrobio's gene therapy program for cystinosis treatment strengthens Novartis' position in the gene therapy market. This strategic move is likely to have a positive impact on Novartis' stock price in the short term.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 80